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and invested in the derivatives market now the second arm of the volcker rule attempts to put a limit on the size of banks to keep them from becoming too big to fail the volcker rule was proposed by former federal reserve chairman paul volcker he was appointed by president obama to head the economic recovery advisory board and proposed the volcker rule and response to the financial panic of two thousand and eight it was passed into law under the dodd frank act and is currently being implemented by the s d c c f t c o c c and the federal reserve but this has turned into a bit of a drawn out process today the f.c.c. chair why you decide implementation of the volcker rule under extraordinary complex rule making quickly walk you through this process first before regulators publish their joint proposed rules all the way back in october two thousand and eleven there was a four month comment period after that which got extreme pushback from banking groups saying it would be way too costly and that it was just filled it with loopholes even paul volcker criticized the rules saying that they we
and invested in the derivatives market now the second arm of the volcker rule attempts to put a limit on the size of banks to keep them from becoming too big to fail the volcker rule was proposed by former federal reserve chairman paul volcker he was appointed by president obama to head the economic recovery advisory board and proposed the volcker rule and response to the financial panic of two thousand and eight it was passed into law under the dodd frank act and is currently being implemented...
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chair why it is said implementation of the volcker rule under extraordinary complex rule my. making i'll quickly walk you through this process first before regulators publish their joint proposed rules all the way back and october two thousand and eleven there was a four month comment period after that which got extreme pushback from banking groups saying it would be way too costly and that it was just filled it with loopholes even paul volcker criticized the rules saying that they were too complicated and should be no more than just four pages then the c. f.t.c. who published their proposed rules which were over one hundred pages and during that comment period over seventeen thousand comments were made in july of last year the fed announced the banks have two years to conform with the rules but these rules have yet to be implemented occupied the as the c. filed a suit asking the courts to set a deadline for implementation and they also submitted a comment letter to the f.c.c. having found a number of holes in the rules so before glass steagall was amended and one nine hundre
chair why it is said implementation of the volcker rule under extraordinary complex rule my. making i'll quickly walk you through this process first before regulators publish their joint proposed rules all the way back and october two thousand and eleven there was a four month comment period after that which got extreme pushback from banking groups saying it would be way too costly and that it was just filled it with loopholes even paul volcker criticized the rules saying that they were too...
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these issues and dad this week and the meantime i'll be breaking down and neither a legal issue the volcker rule and just a bit and i'll be talking to richard wolffe about dysfunctional detroit in just a minute and speaking of dysfunction or capital markets might have a shining night we'll have to see but there's a new exchange in town the eye and it's expressly designed for large investors who do not want to be gamed by high frequency trading so instead of allowing client computers to sit right next to the exchanges own servers will be in a separate building so instead of a delay of ten millionth of a second the current industry standard the delay will be three hundred fifty million sort of seriously folks this is what trading has come to. and this is what saying you are prime interest. detroit's historic eighteen billion dollars bankruptcy is highlighted issues of inequality the divide in detroit between the city were per capita income is fifteen thousand dollars and the suburbs with some counties averaging income above sixty thousand dollars has fueled speculation over what exactly cause
these issues and dad this week and the meantime i'll be breaking down and neither a legal issue the volcker rule and just a bit and i'll be talking to richard wolffe about dysfunctional detroit in just a minute and speaking of dysfunction or capital markets might have a shining night we'll have to see but there's a new exchange in town the eye and it's expressly designed for large investors who do not want to be gamed by high frequency trading so instead of allowing client computers to sit...
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still, volcker held to his long-term course. consolidating and extending the heartening progress on inflation will require a continuing restraint on monetary growth, and we intend to maintain the necessary degree of restraint. schoumacher: by 1982, the economy had fallen into the deepest recession since the great depression. even the reagan administration was urging the fed to relent. but volcker and the fed board, determined to bring inflation down, held tight. finally, in late 1982, the fed saw inflation drop substantially and eased the money supply. this last week, the federal reserve bank decided to lower its discount rate to 9.5%, the first time this key interest rate has gone below two digits since 1979 and the fifth reduction in just four months. this demonstrates the fed's confidence that inflation and market rates will continue coming down and its confidence that we can work together for a healthy, non-inflationary recovery. schoumacher: throughout the recovery that followed, inflation held at 4%. though inflation had b
still, volcker held to his long-term course. consolidating and extending the heartening progress on inflation will require a continuing restraint on monetary growth, and we intend to maintain the necessary degree of restraint. schoumacher: by 1982, the economy had fallen into the deepest recession since the great depression. even the reagan administration was urging the fed to relent. but volcker and the fed board, determined to bring inflation down, held tight. finally, in late 1982, the fed...
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adam: approving the volcker rule today. we are waiting on votes to officially accept the addition of restrictions on banks following the financial crisis. joining us now to discuss this in an exclusive interview with a former drafter of the volcker rule, a partner in washington, d.c. and i should point out you were on the initial committee that wrote the initial version of it, but you left in 2010, 11, and what got voted on today was not what you actually would have been in favor of, correct? >> first, thanks for having me. what i worked on was initial statutory language, which was a page and a half long. adam: and now it is 900 pages. explain to me, somebody who is not a lawyer, what this means for the average guy on the street. and m i protected as a u.s. taxpayer from what had been a concern of mr. volcker from banks gamble and with money because they could be bailed out by us? >> first of all all banks engage in taking risks. so you will never eliminate risk from the system. the idea there will never be too big to fail
adam: approving the volcker rule today. we are waiting on votes to officially accept the addition of restrictions on banks following the financial crisis. joining us now to discuss this in an exclusive interview with a former drafter of the volcker rule, a partner in washington, d.c. and i should point out you were on the initial committee that wrote the initial version of it, but you left in 2010, 11, and what got voted on today was not what you actually would have been in favor of, correct?...
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we will break down the final version of the volcker rule coming up. and that's the end of the road for the volkswagen minibus. they are going to stop making it altogether because of new safety and environmental regulations. there is a beautiful old one. it has been on the road since 1950. ♪ >> in wall street, this is a big day for the volcker rule, the one with a bunch of new regulations meant to ban proprietary trading at big banks. that means they cannot trade money that does not help the clients. fed chair ben bernanke says the volcker rule will limit risk- taking. it has been many years in the making. >> i don't think they should make it all that complicated. why are we sitting here three years later? >> where do we stand now, and what exactly is this? >> it does ban proprietary trading for banks on wall street, trading off their own accounts, trying to profit off their own accounts. it also bans them from participating with some limitations and hedge funds and private equity funds. the language is very important. it is tougher on the hedging si
we will break down the final version of the volcker rule coming up. and that's the end of the road for the volkswagen minibus. they are going to stop making it altogether because of new safety and environmental regulations. there is a beautiful old one. it has been on the road since 1950. ♪ >> in wall street, this is a big day for the volcker rule, the one with a bunch of new regulations meant to ban proprietary trading at big banks. that means they cannot trade money that does not help...
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May 31, 2013
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paul volcker is here. he was the chairman of the federal reserve of the united states from 1979 to 1987. s ahead of the central bank he raised interest rates and he beat inflation. more recently volcker has been associated with banking reform. he gave his name to the volcker rule, a section of the dodd frank act which prohibits banks speculating with depositors money. yet three years after those regulations were signed into law only parts have been implemented. volcker's next project aims to close the gap between policy and action. he is launching something he calls the volcker alliance. it is a foundation which will look closely at the nuts and bolts of goff en -- dferb gopherance. i'm pleased to have him back at this table, thank you. >> thank you, i'm delighted to be here. you got it very accurately that is the sense of this thing. >> rose: fill in the blanks for me. >> everybody's got big ideas about what is going on. we have all the ideaological disputes and everything else in government. >> rose: rig
paul volcker is here. he was the chairman of the federal reserve of the united states from 1979 to 1987. s ahead of the central bank he raised interest rates and he beat inflation. more recently volcker has been associated with banking reform. he gave his name to the volcker rule, a section of the dodd frank act which prohibits banks speculating with depositors money. yet three years after those regulations were signed into law only parts have been implemented. volcker's next project aims to...
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larry, you want to give it to paul volcker, but in all fairness you worked with paul volcker so maybe you have an inside track on that. >> perhaps i do and i just saw him. look, i've been watching the fed or working at the fed since the middle 1970s. paul volcker is the greatest chairman in the history of the federal reserve board. he faced 15 to 20% inflation okay which was destroying our economy and the rest of the world's economy. i believe that was the greatest crisis of all. he conquered it. he conquered it and did it the old-fashioned way. he removed money supply, raised interest rates and was successful and frankly that set the tone to 25 years of prose peerty. >> elan, weigh in on that. do you agree or give the nod to mr. greenspan or bernanke. >> one thing that is forgotten about paul volcker how much political and public opposition he faced to his policies at the time. you got to remember, there were farmers actually blocking the front entrance of the federal reserve at the time with their tractors to protest the interest rate increases. so the level of public outcry at the
larry, you want to give it to paul volcker, but in all fairness you worked with paul volcker so maybe you have an inside track on that. >> perhaps i do and i just saw him. look, i've been watching the fed or working at the fed since the middle 1970s. paul volcker is the greatest chairman in the history of the federal reserve board. he faced 15 to 20% inflation okay which was destroying our economy and the rest of the world's economy. i believe that was the greatest crisis of all. he...
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it's been a long awaited volcker rule. it bans proprietary trading by banks but there are several major exemptions. just the preamble to this rule was more than 800 pages. this morning in a briefing given to reporters by staffers from this major agency. let me walk you through the five exemptions. they are fairly complicated. first of all, underwriting. positions must not exceed what regulators are calling reasonably expected demands of customers. there's an exemption for market making in here. the trading desk inventory may not exceed, again, reasonably expected demands of customers. there's that phrase again. risk-mitigated hedging, an exemption under the volcker rule. bankers will be required to turn over their rationale to regulators. if you're going to hedge as a bank you have to explain why and what it is you're hedging. and trading in government obligations will be allowed, u.s., state and muni debt and some certain trading activities of foreign banking entities. foreign entities generally will be allowed to trade a
it's been a long awaited volcker rule. it bans proprietary trading by banks but there are several major exemptions. just the preamble to this rule was more than 800 pages. this morning in a briefing given to reporters by staffers from this major agency. let me walk you through the five exemptions. they are fairly complicated. first of all, underwriting. positions must not exceed what regulators are calling reasonably expected demands of customers. there's an exemption for market making in here....
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wall street is front and center with the volcker rule. >> my agenda is definitely the volcker rule. it was meant to be voted on today, but the snow you just saw, for those of you on radio, it is coming down heavily in d.c. stilld, fdic, and occ plan to meet and vote on the rule that bans banks from crosstraining. at rule will be released 9:30 a.m. we hope to risk -- to see the results an hour after that. i know you hate the rule, but how do banks make money? >> they may have to go back to the future. if the economy improves, investment banking is going to get stronger. do --raining that they the trading that he do for their clients, which is always a fine a $2-- when you buy billion portfolio for your client and then you hold it on your balance sheet, is that a proprietary trade, when does it become a proprietary trade? they will be doing a lot of that. it will be doing a lot of management. wall street will figure out a way to make money once they figure out the rules. in 2014, are we going to get back to where the bankers, globally, have skin in the game? >> no, we're not. >> we ar
wall street is front and center with the volcker rule. >> my agenda is definitely the volcker rule. it was meant to be voted on today, but the snow you just saw, for those of you on radio, it is coming down heavily in d.c. stilld, fdic, and occ plan to meet and vote on the rule that bans banks from crosstraining. at rule will be released 9:30 a.m. we hope to risk -- to see the results an hour after that. i know you hate the rule, but how do banks make money? >> they may have to go...
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just moments ago, volcker himself praised the rule. we're going to tell you what the rule is, what it left out and how financial stocks are reacting during this last hour of trading. also another relic from the financial crisis, general motors getting a new chief executive. it is a first for detroit. mary berra is the first woman to run a major auto company, just one day after the u.s. treasury announced it had sold its last shares of gm stock, ending its partial own ownership since the 2009 bailout. this stock up about 93% over the last two years. there you go. and speaking of a historic first, will the newly-approved volcker rule hurt the large banks, or will it propel them forward? let's go to nicole petallides on the floor of the new york stock exchange to see how financials are reacting. we knew that the rule was coming. banks expecting it, but still, the question now is now what for these big names. >> reporter: now what. that's absolutely right. and we're seeing dow component today goldman sachs, for example, hitting a new 52-we
just moments ago, volcker himself praised the rule. we're going to tell you what the rule is, what it left out and how financial stocks are reacting during this last hour of trading. also another relic from the financial crisis, general motors getting a new chief executive. it is a first for detroit. mary berra is the first woman to run a major auto company, just one day after the u.s. treasury announced it had sold its last shares of gm stock, ending its partial own ownership since the 2009...
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the buzzword is volcker rule. there are headlines, saying volcker rule will put in place tough restrictions on pressing the eu and asia to match financial oversight. >> i would point out, 8:30 a.m. 'sis morning, president draghi press conference at the ecb is a big deal. let's get to company news. >> we start with a setback for bitcoin in china. findountry's central-bank -- banning financial firms from handling bitcoin transactions. it says bitcoin lacks real meaning and does not have the same legal status as other countries. those and china can use the currency as long as individual take on the risk themselves. china mobile moves a step closer to offering the iphone. the world's biggest phone company won state approval for a four g network in the clearing the way for china mobile to eventually offer the iphone in the country. southwest gains from the american airlines-u.s. airways flight-- it will gain slots according to the terms of the antitrust settlement. southwest and virgin are said to pick up 34 daily land
the buzzword is volcker rule. there are headlines, saying volcker rule will put in place tough restrictions on pressing the eu and asia to match financial oversight. >> i would point out, 8:30 a.m. 'sis morning, president draghi press conference at the ecb is a big deal. let's get to company news. >> we start with a setback for bitcoin in china. findountry's central-bank -- banning financial firms from handling bitcoin transactions. it says bitcoin lacks real meaning and does not...
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the volcker rule is not a game-changer for morgan stanley. so i can't say i've gone through the new volcker rule, all of the details. i'm not sure exactly what's in there. having said that, i'm not the least bit worried about morgan stanley hasn't adjusted. in their fixed income trading business, morgan stanley's risk is one-fourth what it used to be at the time of the crisis. the assets in that area are one-third less, and the revenues as a percent of total are one-half less. so they've already downsized and contained their fixed income trading. they've gotten rid of the proprietary-like activities, so as it relates to morgan stanley, perhaps the rid of the uncertainty to getting the final volcker rule can still be a positive catalyst. so i still like morgan stanley as much as any time, and if anything, i mean, retail investors are a little more engaged. the stock market is a little higher. and don't forget that this evolution of morgan stanley, one-half of the company is in wealth management, in the brokerage business, and they're still tra
the volcker rule is not a game-changer for morgan stanley. so i can't say i've gone through the new volcker rule, all of the details. i'm not sure exactly what's in there. having said that, i'm not the least bit worried about morgan stanley hasn't adjusted. in their fixed income trading business, morgan stanley's risk is one-fourth what it used to be at the time of the crisis. the assets in that area are one-third less, and the revenues as a percent of total are one-half less. so they've...
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and also the volcker rule. and talking about paul ryan's future. we begin the show with the senate majority leader harry reid. thank you for being with us. you do not need another all- night session. does this mark the end of this war that has transpired? >> the trouble has not been over the last few days, but over the past five years. there's never been a situation where the president has been treated the way he has by congress. it is no wonder that people feel the way they do about congress. we have had untoward abstraction on everything. the common nation was after five years, that the recognition was after five years. we change the rules. >> are those permanent? >> it is so important. this way no matter who is president, i do not know how people can complain about the majority. people talk about the filibuster as if it were something that is next to the 10 commandments. the filibuster is not part of the constitution. it was developed to help get legislation passed. it is good for the country. who could complain about majority voting? >> with th
and also the volcker rule. and talking about paul ryan's future. we begin the show with the senate majority leader harry reid. thank you for being with us. you do not need another all- night session. does this mark the end of this war that has transpired? >> the trouble has not been over the last few days, but over the past five years. there's never been a situation where the president has been treated the way he has by congress. it is no wonder that people feel the way they do about...
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thank you for being here and now i want to start off by asking you under the volcker rule only three percent of the banks total assets can be invested in hedge funds and private equity funds however you see a problem with this you say it's because of the way that bank employees are paid and they're paid for something that is carried interest can you explain the issue that you have with carried interest so carried interest is basically the way that private equity fund managers get paid in the ideas instead of taking some of their money and investing in the fund as a part of their compensation they actually get to share in the profits of that company so if the company that they're managing does really well they get a chunk of the issues that i have is there's a little bit of a double standard so in the volcker rule that carried interest is not treated as an ownership interest and that three percent limit you mentioned is how much the banks can invest in these funds but that compensation that carried interest doesn't count toward the three percent limit so it's not seen as ownership for
thank you for being here and now i want to start off by asking you under the volcker rule only three percent of the banks total assets can be invested in hedge funds and private equity funds however you see a problem with this you say it's because of the way that bank employees are paid and they're paid for something that is carried interest can you explain the issue that you have with carried interest so carried interest is basically the way that private equity fund managers get paid in the...
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do you know what paul volcker thinks of the final rule? >> i haven't heard from the chairman but i heard from a lot of people today, consumer organization, some end-users like some of the big energy companies and they all think it's a good thing. they think by and large we've done a good job even though as you say it is complex, it is lengthy but overall they believe that we're kept with the intent of the law and it will avoid the potential calamity that we saw in 2008. david: well, bart, my very simper, one sentence, you're more than welcome to use that if there is a third revision of this rule. you don't have to say the asman rule, you can call it the chilton rule if you like. we want simplicity in our law making process. that is the bottom line. got to leave it at that. wonderful to see you. come back to see us soon. >> appreciate it. david: dave. david: bart chilton, cftc commissioner who today voted in favor of the volcker rule. cheryl, over to you. cheryl: david, business travel is actually booming. coming up in a first on fox busine
do you know what paul volcker thinks of the final rule? >> i haven't heard from the chairman but i heard from a lot of people today, consumer organization, some end-users like some of the big energy companies and they all think it's a good thing. they think by and large we've done a good job even though as you say it is complex, it is lengthy but overall they believe that we're kept with the intent of the law and it will avoid the potential calamity that we saw in 2008. david: well, bart,...
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be back very soon and i'm sure this volcker rule will develop a lot more. coming back that was alexis goldstein communications director of the other ninety eight percent time now for today's big deal. richard kerr is the issue joins me now to talk about striking picket lines etc now we want to deliver by wednesday december twenty fifth well not so fast hundreds of workers at amazon and germany have walked off the job in an effort to pressure the e-commerce leader to settle on a wage disagreement now these are the first strikes against amazon anywhere in the world and today the strikers plan to rally outside amazon's seattle headquarters a top amazon executive in germany said the workers were mostly unskilled and had been unemployed for a long time implying they should be grateful to work at amazon ritual i turn to you in a down economy when employers have so much power like amazon does do workers have much leverage when they go on strike in a place like germany they have significantly more leverage than they do in the united states and that has to do with g
be back very soon and i'm sure this volcker rule will develop a lot more. coming back that was alexis goldstein communications director of the other ninety eight percent time now for today's big deal. richard kerr is the issue joins me now to talk about striking picket lines etc now we want to deliver by wednesday december twenty fifth well not so fast hundreds of workers at amazon and germany have walked off the job in an effort to pressure the e-commerce leader to settle on a wage...
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bernanke says the volcker rule will limit risk- taking. it has been many years in the making. >> i don't think they should make it all that complicated. why are we sitting here three years later? >> where do we stand now, and what exactly is this? >> it does ban proprietary trading for banks on wall street, trading off their own accounts, trying to profit off their own accounts. it also bans them from participating with some limitations and hedge funds and private equity funds. the language is very important. it is tougher on the hedging side of things, things like the london whale trading that jpmorgan went through. we might know exactly -- we might not know exactly how the rule will impact banks. one analyst is not expect all that much. >> traditional market-making activities will be perfectly allowable. what the fed will ultimately be looking at is defining this as a gray area. they probably will not define market-making specifically. they probably will take a "we know it when we see it" approach and if they see too much beatility, that
bernanke says the volcker rule will limit risk- taking. it has been many years in the making. >> i don't think they should make it all that complicated. why are we sitting here three years later? >> where do we stand now, and what exactly is this? >> it does ban proprietary trading for banks on wall street, trading off their own accounts, trying to profit off their own accounts. it also bans them from participating with some limitations and hedge funds and private equity...
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volcker rule with professor spence. pages, it deserves a lot of scrutiny. >> tom, thank you so much. i am looking forward to surveillance and 20 minutes. coming up, more on the volcker rule. wall street let out a sigh of relief yesterday as it stopped short of some of the strictest bans. we will take stock of what this means for the banking industry next. ♪ >> welcome back. you are watching "the pulse." we are alive form london. off to radio. i am guy johnson. >> i am francine blackwell. -- francine lacqua. let's get you some company news. blackstone is expected to price its hilton hotels ipo later today. it is the biggest hotel ipo on record. foxconn is launching an investment fund to finance wearable technology startups. foxconn is the maker of apple's iphones and ipods but it wants to expand beyond manufacturing as phone sales challenge the company's goals of 15% annual revenue growth. lloyds banking group has been fined 28 billion pounds by the u.k. financial conduct authority. the fine is for serious failing to c
volcker rule with professor spence. pages, it deserves a lot of scrutiny. >> tom, thank you so much. i am looking forward to surveillance and 20 minutes. coming up, more on the volcker rule. wall street let out a sigh of relief yesterday as it stopped short of some of the strictest bans. we will take stock of what this means for the banking industry next. ♪ >> welcome back. you are watching "the pulse." we are alive form london. off to radio. i am guy johnson. >> i...
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today, banks turning banks upside-down, the ins and outs of the new rule named after fed chairman paul volcker. double or ruled in effect. another big story today would be the glass ceiling shattered in the auto sector.f general motor and what she may bring to the table. more snow this winter, these cold snaps have an economic impact especially in the heartland. details coming up and the handshake that has managed to make headlines this morning. could this moment between president obama and the leader of cuba lead to something bigger in economic relations between the two countries? we will talk about that and more as we get going on markets now. ♪ good to have you with us on markets now and we have a lot coming up. we have big issues in a few minutes, we start with stocks and the markets pulling back a little bit from record highs that were set yesterday hanging above 16,000 on the dow. nicole petallides on the floor of the stock exchange. nicole: the dow jones industrials pulling back, 16,008 holding at 16,000 mark to the s&p holding 18 under market, a record close for the s&p 500, down two
today, banks turning banks upside-down, the ins and outs of the new rule named after fed chairman paul volcker. double or ruled in effect. another big story today would be the glass ceiling shattered in the auto sector.f general motor and what she may bring to the table. more snow this winter, these cold snaps have an economic impact especially in the heartland. details coming up and the handshake that has managed to make headlines this morning. could this moment between president obama and the...
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is clearly portrayed as the hero in your film how do you feel about volcker's latest act of valor the volcker rule coming to fruition this week you know i think we will really know until maybe years from now how the volcker rule works i know he was lobbying for some harder you know rules that i think congress or the lobbies really wanted i think the end result was kind of a draw and i think really you know we'll see what happens in terms of the regulation that comes out of the volcker rule it's really just kind of a start to the process i think you know regulation is such a hard thing to do what i think i think at least the rules a step in the right direction the question is is what comes of it i think we really will know now i want to ask you how you feel about stanley fischer the former head of the bank of israel being named number two at the federal reserve. you know i think as many people have noted he was ben bernanke his advisor at mit so i think to me it's just it's it's what i a little bit worried about is is just more of the same you know i think it in our in our film we high
is clearly portrayed as the hero in your film how do you feel about volcker's latest act of valor the volcker rule coming to fruition this week you know i think we will really know until maybe years from now how the volcker rule works i know he was lobbying for some harder you know rules that i think congress or the lobbies really wanted i think the end result was kind of a draw and i think really you know we'll see what happens in terms of the regulation that comes out of the volcker rule it's...
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are you suggesting that the volcker rule is a good first step? >> i think the volcker rule, the problem with it is that it does it go too far or doesn't it go go far, the problem with it is it's extremely complicated. it's hard to tell if you do it for your client or if you do it for yourself. and if the regulators decide two or three years from now if they're going to be as tough. >> and it looks like the regulators are not going to be tough at all and it's something that is very difficult to enforce. >> i'm not 100% sure that's right. i think the regulators over the past year in the time after the london whale trade of jp morgan, the one that cost them so much money, i think it's the way they're treating banks. i think they're going to be tough. >> look, tie the bonuses tha toe jobs created in the private sector. >> the problem on wall street they say they're about creating jobs but they're about creating money for themselves. >> and trading paper. >> the era when wall street cared about job creation and the rest of the country is long gone. an
are you suggesting that the volcker rule is a good first step? >> i think the volcker rule, the problem with it is that it does it go too far or doesn't it go go far, the problem with it is it's extremely complicated. it's hard to tell if you do it for your client or if you do it for yourself. and if the regulators decide two or three years from now if they're going to be as tough. >> and it looks like the regulators are not going to be tough at all and it's something that is very...
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Mar 25, 2013
03/13
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that's really what volcker was about. it turned into a lot more complicated thing than it should have been. i talk a little bit about structural changes that i think could give us a more robust regulatory system because now i think we have cognitive capture, which means -- >> what does that mean? >> it means the regulators tend to look at the world through the eyes of the banks. they don't look at themselves as independent of the banks. their charter is not to protect the public but to protect the banks. this is the premise of the bailout. if you take care of the banks, you'll take care of the broader economy. it doesn't turn to out that way. >> i took your book on a trip last week. i was reading the last chapter again in anticipation of your comi coming. you say when you read about problems like the libor scan dl or the jpmorgan chase trading losses, don't accept gobbledygook about regulators needing more information or needing more power. the next day i look at the hearing and more gobbledygook. >> well, you know, they
that's really what volcker was about. it turned into a lot more complicated thing than it should have been. i talk a little bit about structural changes that i think could give us a more robust regulatory system because now i think we have cognitive capture, which means -- >> what does that mean? >> it means the regulators tend to look at the world through the eyes of the banks. they don't look at themselves as independent of the banks. their charter is not to protect the public but...
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Dec 14, 2013
12/13
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BLOOMBERG
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will the volcker rule work? how is it going to work? >> it is only going to work out if there is constant vigilance on the part of regulators. there will be so much discretion to the five regulators charge of overseeing it. they have to be in the banks learning about their models and their best practices and how to distinguish what is huge bets and what is regular banking at david e. >> are there loopholes or legal challenges? >> i believe hundreds of lawyers are trying to figure that out as we speak. the door is open to loopholes. so rules are written vaguely. it depends on whether regulators try to close out this language and what kind of agreement can be found between regulators and the compliance offices within these banks on what these definitions on's regulative trading and hedging actually mean in practice. will be "less liquid markets, higher transaction costs, a weaker financial system, and richard lawyers." lawyers." >> that is a pretty dire protection. it could be worth it from a regulatory it. you do not know. my problem wit
will the volcker rule work? how is it going to work? >> it is only going to work out if there is constant vigilance on the part of regulators. there will be so much discretion to the five regulators charge of overseeing it. they have to be in the banks learning about their models and their best practices and how to distinguish what is huge bets and what is regular banking at david e. >> are there loopholes or legal challenges? >> i believe hundreds of lawyers are trying to...
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now coming up why law is the volcker verbiage venerated or vilified alexis goldstein joins us to help render a verdict after the break and who does amazon blame for stealing christmas and if not for granted rachel perseus and i discussed the purchase of the first major strike against the mega retailer in today's big deal and as we head to a quick break here's a look at some of the day's closing numbers stick around. i would rather as questions to people in positions of power instead of speaking on their behalf and that's why you can find my show larry king now right here on our t.v. question or. well the british. sometimes. go. out of. their. market why not. why not what's really happening to the global economy with mike stronger or no holds barred look at the global financial headlines tune into cars reports. the best rules in life are to the point and at first the vocal rule seem promising don't let banks gamble with customer money but to no surprise it's much easier said than done now after three years and many many missed lines the vocal rule finally came to fruition last week now
now coming up why law is the volcker verbiage venerated or vilified alexis goldstein joins us to help render a verdict after the break and who does amazon blame for stealing christmas and if not for granted rachel perseus and i discussed the purchase of the first major strike against the mega retailer in today's big deal and as we head to a quick break here's a look at some of the day's closing numbers stick around. i would rather as questions to people in positions of power instead of speaking...
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Dec 10, 2013
12/13
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CNBC
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even volcker says he wishes it was simpler. if we get this enacted, are people going to be challenged or will it depend on the on implementation? >> absolutely. first of all, i don't know how hampton was able to summarize in one minute what's in these 800 pages. he did a great job. i would say there's going to be a lot of lawsuits, a lot of speculation on evading it. let's not forget, it doesn't really take effect for another year and a half. >> yeah, which is the key point. i mean, also, deciding how to implement -- it's all very well having, i suppose, something on the statute book. it's then how it gets implemented by the authorities is the key, isn't it? >> sure. you know, what's the meaning of the word is as bill clinton once said. what are the mention of proprietary hedging, trading. there's a lot of wiggle room, i think, in these regulations. so it will be a while before the impact is really felt, but i would agree that longer term this will have a negative impact on bank profits. >> and see whether it opens up the marke
even volcker says he wishes it was simpler. if we get this enacted, are people going to be challenged or will it depend on the on implementation? >> absolutely. first of all, i don't know how hampton was able to summarize in one minute what's in these 800 pages. he did a great job. i would say there's going to be a lot of lawsuits, a lot of speculation on evading it. let's not forget, it doesn't really take effect for another year and a half. >> yeah, which is the key point. i mean,...
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Dec 23, 2013
12/13
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CSPAN2
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secretary, my question is about the volcker rule. like you, i was pleased to see that the regulators final -- finally came out with a rule. i think it's strong and comprehensive. i'm concerned by the exsense for pro pry tear trading with respect the sovereign bonds. frankly, the bonds. the hmm bank brought low by investment in greek debt is probably not just an idea. certainly a possibility in the future. i wonder if you can address the ability under the volcker rule of the banks to invest in securities which could be risky and volatile over time. >> congressman, obviously our initial core concern was the treatment of u.s. treasuries. and issues arose particularly with regard to the impact that the rule would have on banks with relationship with other foreign nationals and their sovereign debt. i believe the way provisions were worked out provides guidelines, you know a path for sovereign debt to be treated appropriately. i am -- i think if you look at the structure of the resume it's clear there is accountability at the level of the
secretary, my question is about the volcker rule. like you, i was pleased to see that the regulators final -- finally came out with a rule. i think it's strong and comprehensive. i'm concerned by the exsense for pro pry tear trading with respect the sovereign bonds. frankly, the bonds. the hmm bank brought low by investment in greek debt is probably not just an idea. certainly a possibility in the future. i wonder if you can address the ability under the volcker rule of the banks to invest in...
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Dec 11, 2013
12/13
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among the most controversial: the volcker rule. named for the former fed chairman. >> all in favor, say aye. >> aye! >> brown: its final approval today by five regulatory agencies signals a major shift in practices banks can undertake, and their oversight. in an effort to prevent excessively risky bets like last year's so-called "london whale" trades, which led to $6 billion in losses for j.p. morgan chase, the rule bans so-called proprietary trading, when banks trade with their own money for a profit. banks are still allowed to buy and sell investments for their own clients, known as market making. they'll also be allowed to hedge those bets against potential losses. but deciding when a "hedge" crosses into dangerous territory will test regulators and bank officials. fed chairman ben bernanke spoke before voting in favor of the rule today. >> i note, though, the ultimate effectiveness of the rule will depend importantly on supervisors who need to find appropriate balance while providing feedback to the board on how the rule works
among the most controversial: the volcker rule. named for the former fed chairman. >> all in favor, say aye. >> aye! >> brown: its final approval today by five regulatory agencies signals a major shift in practices banks can undertake, and their oversight. in an effort to prevent excessively risky bets like last year's so-called "london whale" trades, which led to $6 billion in losses for j.p. morgan chase, the rule bans so-called proprietary trading, when banks...
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now coming up why law is the volcker verbiage venerated or vilified alexis goldstein joins us to help render a verdict after the break and who does amazon blame for stealing christmas can't it's not granted rachel curtis and i discussed the first first major strike against the mega retailer in today's big deal and as we had you a quick break here's a look at some of today's closing numbers figure out. what defines a country's success. faceless figures of economic growth. or a factual standard of living. the best rules in life are to the point and at first the bowker all seem promising don't let banks gamble with customer money. but to no surprise it's much easier said than done now after three years and many many missed lines the vocal rule finally came to fruition last week now lobbyists activists and advocates from both sides are combing through the rule so who exactly are the winners and the losers joining me now alexis goldstein former v.p. of merrill lynch an occupy wall street activist and general know everything wall street. thank you for being here and now i want to start off
now coming up why law is the volcker verbiage venerated or vilified alexis goldstein joins us to help render a verdict after the break and who does amazon blame for stealing christmas can't it's not granted rachel curtis and i discussed the first first major strike against the mega retailer in today's big deal and as we had you a quick break here's a look at some of today's closing numbers figure out. what defines a country's success. faceless figures of economic growth. or a factual standard...
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Dec 11, 2013
12/13
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BLOOMBERG
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what is our fear of the volcker rule. >> our fear of a volcker rule -- cost ofker rule the imposing restrictions that we think will limit the potential for systemic risk will be higher than we expect. so the benefit cost analysis, toch is sort of, do too much prevent potential damage in the future and pay those costs now or don't do that and then run these risks. that is the trade-off we have. and the people who don't like the volcker rule, other than those that are self interested, the ones who say those restrictions are powerful enough to produce cost. within thely analysis, and the sophisticated analysis, title one and type two, what most of our viewers would say is, yes, but we are not in a vacuum of manhattan, we are not in the vacuum of vacuum of, not in the the united states. we are doing it in a complex global system. volcker rule the succeed if not in the united states? on the other hand, if it generally creates an increment to the stability of the financial markets that are so liquid and deep here, it may turn into a competitive advantage, tom. the 1930s,ngton of ben bernanke, our chai
what is our fear of the volcker rule. >> our fear of a volcker rule -- cost ofker rule the imposing restrictions that we think will limit the potential for systemic risk will be higher than we expect. so the benefit cost analysis, toch is sort of, do too much prevent potential damage in the future and pay those costs now or don't do that and then run these risks. that is the trade-off we have. and the people who don't like the volcker rule, other than those that are self interested, the...
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May 29, 2013
05/13
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FBC
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sec you have to lay blame on paul volcker. that was one of the most idiotic rules i've ever seen way it was written t left so much to be interpreted i don't think they can ever interpret this. i know paul volcker says he is making, i saw some of the commentary coming out of this speech at the economic club of new york which is kind of interesting. he is betting that it is going to be fully implemented within the three-year anniversary which would i believe would be july. dodd-frank was passed in july 2010. i can also tell you that i met chris dodd at a meeting, at the white house correspondents dinner about a month ago and he didn't seem like he was too optimistic that this thing will be solved anytime soon. it is still a long way to go. it has been, if you, if you, you could probably drive a mack truck sideways through the interpretation of this. it leaves so much to be --. melissa: that would be hard to do. >> and guess what? that is why we don't have a volcker rule. melissa: all right. charles. lori: thank you. get you upda
sec you have to lay blame on paul volcker. that was one of the most idiotic rules i've ever seen way it was written t left so much to be interpreted i don't think they can ever interpret this. i know paul volcker says he is making, i saw some of the commentary coming out of this speech at the economic club of new york which is kind of interesting. he is betting that it is going to be fully implemented within the three-year anniversary which would i believe would be july. dodd-frank was passed...